Siebel Systems Switches CEOs

The software maker names board member George Shaheen to replace Michael Lawrie, immediately.
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New blood at the top for

Siebel Systems

(SEBL)

and new life for the business software company's stock.

The California-based company Wednesday said board member and veteran industry technology leader George T. Shaheen would replace Michael Lawrie as CEO, effective immediately.

Shaheen, 60, who has been a board member since 1995, was CEO of Andersen Consulting, which changed its name to Accenture.

In a news release, the company said Lawrie's departure was by mutual agreement. "The board greatly appreciates Mike Lawrie's professionalism and his diligent service to the company," Siebel said. "We respect Mike and wish him the best for the future."

Earlier this month, Siebel said it would miss its first-quarter targets, saying revenue in the March quarter will range from $297 million to $300 million, vs. the Wall Street consensus of $337.48 million. At the time, Lawrie promised to cut costs and reduce -- or eliminate -- lines of business that have not performed well. The company reports final earnings for the quarter on April 27.

In naming Shaheen to the post, Siebel called him "the logical choice to take Siebel Systems to the next level of success and deliver strong and consistent results."

In the premarket, shares were trading at $9.20, up 23 cents, or 2.6%.